India’s rating outlook stable, says Moody’s

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SummaryOn a day the OECD cut its global growth forecast for 2012 sharply to 2.9% from the May prediction of 3.4% citing the euro zone debt crisis as the greatest downside risk and the concern over the US fiscal cliff, India got a reprieve as Moody’s Investors Service said its Baa3 rating for the country is stable.

other commodity prices could all affect the pace and timing of the recovery.”

Standard & Poor’s had last month cautioned that the country faces a one in three likelihood of rating downgrade for India over the coming 24 months.

According to OECD, the recovery of the world economy next year will be “hesitant and uneven” due to the impact of Europe’s debt crisis on other economies including the US and developing countries.

The OECD expressed worries about the US ‘fiscal cliff’ stating, “If the fiscal cliff is not avoided, a large negative shock could bring the US and the global economy into recession.”

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